Solar Panel Recycling Market to Reach $269.8 Million by 2023
Rising adoption rate of solar power systems and favorable government norms encouraging sustainable development are the major factors driving the growth of the solar panel recycling market. In 2017, the market generated a revenue of $80.7 million, and it is predicted to attain a size of $269.8 million by 2023, progressing at a CAGR of 22.0% during the forecast period (2018–2023). Solar panels convert solar energy into electricity for various commercial and residential applications; these are made from aluminum, glass, synthetic materials, and silicon.
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These components can be separated through the recycling process after panels’ lifecycle completes. On the basis of recycling method, the solar panel recycling market is classified into mechanical, thermal, and laser process. Out of these, in 2017, the mechanical classification held more than 55.0% revenue share in the market and is further expected to maintain its lead during the forecast period. The reason behind the leading position of this category is the economical and eco-friendly nature of the process.
Based on solar panel type, the market is categorized into polycrystalline, monocrystalline, and thin film. Among these, the monocrystalline category registered more than 50.0% revenue share in the solar panel recycling market, and is anticipated to dominate the market during the 2018–2023 period too. This is attributed to the wide adoption of monocrystalline solar panels owing to their benefits over other solar panels such as superior quality, greater efficiency, longer shelf life, and high heat resistance.
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The increasing number of initiatives and pacts pertaining to the adoption of solar energy is behind the accelerated rate of solar panel or PV module installation. In addition, the cost-effectiveness and efficiency of solar panels are boosting their demand for commercial and residential applications. The major benefits attached with these systems are no greenhouse gas emissions, noiseless energy generation, and environmental safety. A solar panel usually has a 30-year lifespan, but some may suffer an early loss, which results in huge amounts of e-waste, which is why it is vital to recycle them.
Hence, the surging popularity of solar energy as a renewable power source and the high deterioration rate of PVs are driving the global market for solar panel recycling.
Solar panel recycling market competitive landscape
Some of the major players operating in the global solar panel recycling market are Silcontel Ltd., Rinovasol Group, Reiling GmbH & Co. KG, ENVARIS GmbH, ECS Refining LLC, Reclaim PV Recycling Pty. Ltd., Silrec Corporation, Canadian Solar Inc., Yingli Green Energy Holding Company Limited, and First Solar Inc.
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GLOBAL SOLAR PANEL RECYCLING MARKET SEGMENTATION
- Thin Film
By Shelf Life
- Normal Loss
- Early Loss
- North America
- Rest of North America
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of APAC
- Central and South America (CSA)
- Middle East and Africa (MEA)